The frenzy around Blockchain and distributed ledgers is unprecedented. Is it a disruptive force on the verge of replacing legacy infrastructures or will the technology produce only marginal impacts in the short-term? As an industry-owned and governed financial market utility, DTCC believes the technology represents a generational opportunity to re-imagine the post-trade infrastructure. But the key to realizing this promise is in fostering industry-wide collaboration and aligning the technology with the core principles of mitigating risk, enhancing efficiencies and driving cost efficiencies.